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Posted by Jeff Strickland on July 11, 2007, 8:13 pm
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The credit score is the same. It is looked at the same way.
To be sure, Lender A will have a guideline for FICO scores and Lender will
have a different guideline. This does not affect the high FICO scores, but
broadens the loan programs for the lower FICO scores. Bottom line, the
guidelines are set by the bank -- or Fannie Mae, to be more precise.
A prospect should talk to a broker because there are more loan programs
available to the loan officer at a brokerage than at a bank. If you go into
a bank for a loan, and the bank says, okay you can have this one. You like
it, you get it. During the loan process, something goes sideways and the
bank has no other product to offer you, but if you were at a broker, the
loan officer could find a competing program that compares favorably with the
one that you can no longer get for whatever reason.
The pro is that you can shift gears and get them into another loan program
if that becomes necessary. Another pro is that since you have dozens of
banks sending you Rate Sheets every day, you have more programs to select
from to find the right program for your borrower. The bank will have one
program at whatever their rate is.
>I got a bit of an odd question for the group...(not to offend the
> honest brokers out there)
> If a prospective client is to ask...
> What's the pros and cons of going straight to the Lender/Bank than
> through a mortage broker ?
>
> How does the lender perceive the credit score of a borrower if he's
> working with a broker ?
>
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